News Eliminating the End of the Financial Year Headache

Eliminating the End of the Financial Year Headache

30 June is a date with which financial planners and their clients are equally familiar: the date on which paperwork must be filed with the Australian Tax Office (ATO). For the financial planner, this date produces two main challenges: keeping their clients’ affairs in order while constantly monitoring the government for any last-minute changes to rules or regulations that may be relevant to their clients.

In recent years, the industry trend has been to be much better prepared by 30 June, but the proximity of “Budget Night,” when the Government announces the budget for the next twelve months and 30 June can still present a busy six weeks or so for financial planners and taxpayers alike.

This year, the budget was announced on 13 May, leaving 47 days until the 30 June deadline to make any adjustments caused by changes in the budget. However, well-prepared financial planners stay on top of projected changes and see the timeframe as long enough to be prepared but short enough to discourage procrastination.

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